Written by: Mohamed Ragab
Dr. Badr Abdel Atti, Minister of Foreign Affairs, Immigration, and Expatriates' Affairs, discussed with Dr. Mohamed Farid, Minister of Investment and Foreign Trade, ways to enhance coordination between the two ministries to support the expansion of Egyptian companies in African markets and attract more foreign investments, as part of the state's efforts to achieve the goals of Egypt's Vision 2030 and strengthen Egypt's economic presence on the continent.
The two sides emphasized the importance of integrating roles among various state institutions to create an environment supportive of investment, and enhancing partnership with the private sector, which contributes to increasing trade and investment exchange with African countries.
Supporting Egyptian companies and removing obstacles
The Minister of Foreign Affairs affirmed the state's keenness to provide full support to Egyptian companies operating in Africa, by coordinating with African governments and institutions to remove procedural and regulatory obstacles, and to facilitate communication with the relevant authorities, thereby opening new horizons for Egyptian companies and enhancing their competitiveness in African markets.
He pointed out that Egyptian diplomatic moves aim to support the state's economic interests and create appropriate conditions for the private sector to expand in various vital sectors on the continent.
Initiatives to promote investment in Africa
The Minister of Foreign Affairs reviewed a number of initiatives launched by the state to support development in Africa, including the establishment of a financing mechanism to study and implement infrastructure and development projects, as well as the establishment of the Egyptian Agency for Export and Investment Guarantees, with the aim of providing the necessary guarantees to reduce investment risks and encourage Egyptian companies to expand into African markets.
He also called for the establishment of an Egyptian investment entity to coordinate Egyptian investments in Africa, with the participation of government agencies, the banking sector, and the private sector, along with the preparation of an integrated database including investment opportunities and priority projects in various African countries.
The private sector is a key partner in development
For its part, the Minister of Investment and Foreign Trade affirmed that the private sector represents the main engine for strengthening economic relations with African countries, and increasing the volume of intra-regional trade and joint investments, pointing out that Egyptian companies have succeeded in recent years in implementing many major projects on the continent, and have gained a strong reputation thanks to their efficiency and expertise.
He added that the ministry is working to leverage African trade agreements that grant preferential treatment to Egyptian exports, which contributes to increasing the access of Egyptian products to African markets, while providing various forms of support to companies wishing to expand within the continent.
